How do yo get your credit started if no one will give you credit?

Question

I have tried credit cards, furniture stores, jewerly stores, etc. I just bought a house for 83,000 and no body else will give me credit. what the heck??? I did just get a credit card from aspire but I don't plan on keeping it very long because I don't like them, just long enough to raise credit. Who will give me credit? I need new furniture but how do I get it if no one will let me? Please help me!!!

Answer 1

You might need to go the route of a secured credit card. This is where you make a deposit into a savings account, then the bank issues a card with the amount of the deposit as the credit limit. You'll not be able to withdrawal from the savings account while you have your card secured with them.

I just got such a card from Orchard Bank. One nice thing is that they report to all three of the major credit bureaus, so if you handle their card in a responsible manner, you should be building a good credit history and offers will come.

Given that you had problems with trying for credit elsewhere, you might check on your credit report and see if there is any negative history resulting from identity theft. You can order from all three bureaus and get them for free at http://www.annualcreditreport.com/.

However, I think that a current problem is that you should have a lot of inquiries on your report, which is something of a red flag for card issuers. I suggest that you not apply for a while and let your new card build up some history first.

Answer 2

The sad fact is, that to get credit in the US, you really need to have an "OK" credit score/history. In order to get credit and build your score, you have to have credit... catch-22, as you have found out.

There are generally three ways to get your foot on the 1st rung (i.e. get a basic credit score); a) finance a car purchase - car loans are generally easier to obtain because they can repo the vehicle if you default, b) Store cards... historically at least, a Sears card was fairly easy to get if you were buying a major appliance, c) "prepaid" credit cards where you deposit an amount with the company and can charge up to that amount.

If you manage to get some basic credit, building your credit score is about using the credit and making regular payments... i.e. demonstrating you can be trusted to service your debts.

The amount of credit you can generally obtain is limited by your credit score or credit history, which is the record showing you have serviced your debts.

If you do some searching on Yahoo! you should be able to find somewhere that does a free credit check for you and explain the results.

Now none of this really helps you, it just explains the situation a little.

Answer 3

Get a free credit report first. Don't fall for the "credit protection" scams, they (the big three reporting agencies) have to BY LAW give you two free reports a year if you request them.

Find out everyone who is on your credit report....clean up any outstanding debts you have and cancel any accounts/cards you are no longer using. You would be surprised how many "active" accounts you might have that you don't even know about / remember.

From there, you can start to rebuild your credit and will have undoubtedly a much higher success rate obtaining new credit(cards).

Answer 4

If you just bought a new house, establish a perfect payment record for at least a year.

Also, check your credit report. If you've been denied credit, you have every right to see it for free, but you are also allowed to check it once a year for free from each of the three agencies. It's possible that there's something on there that is erroneous, and may be causing you not to be able to get credit.

Answer 5

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RE :How do yo get your credit started if no one will give you credit?
I have tried credit cards, furniture stores, jewerly stores, etc. I just bought a house for 83,000 and no body else will give me credit. what the heck??? I did just get a credit card from aspire but I don't plan on keeping it very long because I don't like them, just long enough to raise credit. Who will give me credit? I need new furniture but how do I get it if no one will let me? Please help me!!!
Follow 9 answers

Answer 6

I would say buy small things with a credit card and then pay it off as soon as you can. Then your credit will go up. But only buy things that you know that you can pay off all at once. then you will have good credit.

Answer 7

Buy stuff on credid card and pay it off.
Buy furniture with cash.
How is it that you even have credit problems?
If you just pay your bills, especially if there credit card bills. You will have a great credit rating.

Answer 8

you might have to use your house as collateral for either a loan or prime equity line of credit.

Answer 9

How do yo get your credit started if no one will give you credit?

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T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U

Answer 10

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